The report titled “Smart Meters Market” assesses the global and regional market on the basis of the product type, technology, application, and region. A comprehensive report provides an in-depth historical and future market size with trend analysis. The report underlines the competition analysis, strategic imperatives, installed capacity of smart meters, growth avenues, and competition assessment for the concerned players in the smart meters market.
Market Overview and Dynamics
The smart meters market value is expected to grow at a CAGR of around 7-8% during the forecast period of 2022-2028. Government policies, mandates, and fiscal incentives are cited as the primary drivers for the demand for smart electricity meters in a multitude of markets.
The global smart meters market growth is driven by continuing smart meter penetration globally. The demand for smart meters from the residential sector is driven by the growing power needs by households for home appliances such as lighting, air conditioners, ceiling fans, TVs, refrigerators, washing machines, dishwashers, computers, heating, etc.
The global installed base of smart meters is estimated at 450 million units in 2021 and is expected to surpass the volume of 840 million units by the end of 2028.
The growth in the smart meters market is attributed to government mandates, energy utilization, and investments in the field of smart cities. The countries in the European Union have also mandated the deployment of smart metering solutions with an emphasis on electricity. As per the regional government plans, more than 400 million smart meters will be deployed across China, India, Japan and South Korea between 2021 and 2028.
- In terms of the product type, electricity smart meters dominate the global smart meters with nearly 65% market share. With continuous technological advancement and the upgradation, smart gas meters have gradually moved from mechanization to intelligence and network.
- On the basis of application segment, residential and commercial segments together account for a considerable market share in 2021.
- Based on region, North America and Europe are expected to dominate the smart meters market due to the high penetration of smart metering. In 2020, smart meters penetration hit 65% in the US. The country spearheads the global market; thus, the smart meter installed base grew by 9% between 2017 and 2020.
Competition Analysis: Regional Players Dominate the Domestic Markets
The global smart meters market observes significant competition as a result of a presence of a large number of manufacturers. Nevertheless, leading global players dominate the smart meters market with more than 50% share. Prominent companies are making significant investments to gain market share in the market. Key developments observed in the last few years include
- In September 2021, Landis+Gyr acquired the Turkey-based Luna Elektrik Elektronik Sanayi ve Ticaret, engaged in smart metering business.
- In August 2021, Adani Total Gas acquired 50% stake in Smartmeters Technologies Pvt. Ltd,. (SMTPL).
Some of the leading players involved in the sales of smart meters include Itron Inc., Enel S.p.A., Eaton Corp., Landis+Gyr, Schneider Electric SA, Siemens AG, Badger Meter, Inc., EDMI Ltd., Holley Technology Ltd., Neptune Technology Group Inc., Sensus, Honeywell International Inc., HPL Electric & Power Ltd, among others. HPL India has a market share of more than 18% in India’s smart meters market and has an installed capacity of 10.1 million smart meters per year.
RationalStat has segmented the global smart meters market by the product type, technology, technology, application, and region
- By Product Type
- Electricity Meter
- Gas Meter
- Water Meter
- By End User
- Radio Frequency (RF)
- Power Line Carrier (PLC)
- By Application
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
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